Acorda Corporate Update JPMorgan Healthcare Conference January 12, 2015

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Forward Looking Statement

This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, regarding management's expectations, beliefs, goals, plans or prospects should be considered forward-looking. These statements are subject to risks and uncertainties that could cause actual results to differ materially, including our ability to successfully market and sell Ampyra in the U.S.; third party payers (including governmental agencies) may not reimburse for the use of Ampyra or our other products at acceptable rates or at all and may impose restrictive prior authorization requirements that limit or block prescriptions; the risk of unfavorable results from future studies of Ampyra or from our other research and development programs, including Plumiaz (our trade name for Diazepam Nasal Spray) and CVT-301, or any other acquired or in-licensed programs; we may not be able to complete development of, obtain regulatory approval for, or successfully market Plumiaz, CVT-301 and our other products under development; the ability to complete the Civitas transaction on a timely basis or at all; the ability to realize the benefits anticipated to be realized by the Civitas transaction; the ability to successfully integrate Civitas' operations into our operations; we may need to raise additional funds to finance our expanded operations and may not be able to do so on acceptable terms; the occurrence of adverse safety events with our products; delays in obtaining or failure to obtain regulatory approval of or to successfully market Fampyra outside of the U.S. and our dependence on our collaboration partner Biogen Idec in connection therewith; competition, including the impact of generic competition on Zanaflex Capsules revenues; failure to protect our intellectual property, to defend against the intellectual property claims of others or to obtain third party intellectual property licenses needed for the commercialization of our products; failure to comply with regulatory requirements could result in adverse action by regulatory agencies; and the ability to obtain additional financing to support our operations. These and other risks are described in greater detail in Acorda Therapeutics' filings with the Securities and Exchange Commission. Acorda may not actually achieve the goals or plans described in its forward-looking statements, and investors should not place undue reliance on these statements. Forward-looking statements made in this presentation are made only as of the date hereof, and Acorda disclaims any intent or obligation to update any forward-looking statements as a result of developments occurring after the date of this presentation.

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Acorda’s Corporate Objective

To be the leading biopharmaceutical company delivering

therapies that restore neurological function

and improve lives

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2014 Achievements

Reported AMPYRA® unaudited net revenue of $366 million; up 21% from 2013

Completed the acquisition of Civitas Therapeutics

Initiated Phase 3 study of CVT-301 in Parkinson’s disease

Initiated Phase 3 study of dalfampridine in chronic post-stroke walking deficits (PSWD)

Completed enrollment in the Phase 1 study of rHIgM22 for remyelination in MS

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Acorda’s 2015 Clinical Pipeline

ACOR 2014 Second Quarter Earnings

AMPYRA Commercial Update

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AMPYRA Update

• 2014 unaudited net revenue $366M

– Increase of 21% over 2014

• 4Q14 unaudited net revenue $109M

• First Step patients contributing to higher persistency rates

• Effective marketing and educational programs

• Physicians increasingly view AMPYRA as a standard of care

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AMPYRA U.S. Net Sales Trajectory

2010 2011 2012 2013 2014 2015 Est

$133*

$210

(in millions)

$266

$302

$405-$420

$366**

* Ten months, Mar – Dec ‘10

**Unaudited; audited 2014 net sales figures not yet available

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AMPYRA U.S. Exclusivity

• 5 Orange Book patents expiring up to 2027

• Orphan exclusivity until January 2017

• Filed patent infringement suits against ANDA filers

• 30-month stay until July 2017

CVT-301 in Parkinson’s Disease

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OFF Episodes in Parkinson’s Disease

• Characterized by re-emergence of Parkinson’s symptoms

– Impaired ability to move

– Muscle stiffness

– Tremor

• Can occur multiple times per day

• Based on the variable absorption and PK of oral L-dopa

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CVT-301 Overview

• Self-administered, inhaled adjunct therapy to treat OFF episodes in Parkinson’s disease

• Device delivers specific doses of dry powder L-dopa

• Clinical results have shown potential to rapidly and reliably treat OFF episodes as they occur

– Three clinical studies completed to date

– Positive Phase 2b data at AAN in 2014

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L-Dopa Pharmacokinetics

0

500

1,000

1,500

2,000

2,500

3,000

0 50 100 150

Ad

jus

ted

Ba

se

lin

e L

-do

pa

Pla

sm

a

Co

nc

en

tra

tio

n (

ng

/mL

)

Time (minutes)

Data from Phase 2a in fasted PD patients

Current Oral Standard of Care CVT-301 Profile

0

400

800

1,200

1,600

2,000

0 20 40 60 80 100 120

100 mg Oral Fasted

100 mg Oral Fed

30 mg Pulmonary

Pla

sm

a L

evo

do

pa

Co

nc

en

tra

tio

n (

ng

/mL

)

Data from Phase 1 trial in healthy volunteers

Time (minutes)

CVT-301

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-5.3 -9.9

Pbo CVT-301

Mean

Ch

an

ge i

n U

PD

RS

Part

3

Visit 4 CVT-301 35mg or Pbo

Phase 2b Study Achieved Primary Endpoint:

UPDRS Part 3

-4.60 (95% CI: -7.90, -1.30) p = 0.007

-6.95 (95% CI: -10.31, -3.60) p < 0.001

-3.07 -10.02

Pbo CVT-301

Mean

Ch

an

ge i

n U

PD

RS

Part

3

Visit 6 CVT-301 50mg or Pbo

* Schulman et al, Arch Neurol. 2010;67(1):64-70

UPDRS Part 3 Clinically Important Differences (CID)*:

2.5pts = Minimal CID

5.2pts = Moderate CID

10.8 pts = Large CID

Clinically important reductions at all visits (both tested doses)

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Separation vs. Placebo Observed – 10 Minutes

-14

-12

-10

-8

-6

-4

-2

0

0 10 20 30 40 50 60

Me

an

Ch

an

ge

in

UP

DR

S P

art

3

Time (minutes)

Visit 6 – CVT-301 50mg dose

PBO V6

CVT V6

Placebo

10 min 20 min 30 min 60 min

Diff vs Pbo Mean (SEM)

-3.56 (1.62) -5.68 (2.04) -8.43 (1.90) -9.59 (1.83)

p-value 0.0309 0.0068 <0.0001 <0.0001

CVT-301 50mg

UPDRS Part 3 Clinically Important Differences

(CID)*:

2.5pts = Minimal CID

5.2pts = Moderate CID

10.8 pts = Large CID

* Schulman et al, Arch Neurol. 2010;67(1):64-70

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CVT-301 Phase 2b Safety Profile

• Well tolerated; no increase in dyskinesia during home use

• No serious AEs; incidence of drug-related AEs was similar between treatment groups

• Lightheadedness reported in two placebo patients and three CVT-301 patients

• Mild cough reported for one placebo patient and four CVT-301 patients; no cough AEs led to dose reduction or withdrawal from the study

• No observed, treatment-associated adverse effects on lung function

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CVT-301 Commercial Opportunity

• More than 1 million people in the U.S. suffer from Parkinson’s disease*

• >70% of patients treated with oral L-dopa

– 50% of these will develop OFF episodes within 5 years of L-dopa use

– ~350,000 patients may be appropriate for treatment

– Projected U.S. peak sales >$500M

• Significant overlap with AMPYRA prescribers

• Worldwide rights

*Source: National Parkinson’s Foundation

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CVT-301 Phase 3 Currently Enrolling

• Phase 3 study initiated in December 2014

• Closely follows Phase 2b trial design

• Primary outcome measure – UPDRS Part 3

• Treatment period – 3 months

• Three arm study (placebo/low dose/high dose)

• Approximately 345 participants

• Each dose delivered in 2 capsule inhalations

• Target NDA filing by end 2016

Dalfampridine in Chronic PSWD

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Dalfampridine in Chronic PSWD

• No drug therapy indicated for people with chronic PSWD

– ~7 million people in U.S. have had a stroke

– ~3.5 million have mobility issues

– ~800,000 new cases/year

• Successful dalfampridine proof-of-concept (POC) study completed 2013

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Phase 2 POC Study: Overall Timed Walk Result

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Percentages of Patients Reaching Threshold

Change from Baseline in Walking Speed by Period

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Dalfampridine Phase 3 Currently Enrolling

• Phase 3 study initiated in December 2014

• Double-blind, three arm, parallel group

• Primary endpoint - 2 Minute Walk Test

• Secondary efficacy endpoints (Walk-12, 10MWT, TUG)

• Treatment period – 3 months

• Approximately 540 people

• Adaptive design (interim look)

• Developing QD formulation

Additional Pipeline Updates

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PLUMIAZ™ (Diazepam Nasal Spray)

• Designed to treat increased bouts of seizure activity (“seizure clusters”)

– Alternative to Diastat® (diazepam rectal gel)

– 505(b)(2) based on Diastat

• Leverages existing commercial infrastructure

• Working with FDA on next steps

– Complete Response Letter received in April 2014

– Additional clinical work required

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rHIgM22: Remyelinating Antibody

• Recombinant human monoclonal antibody that directly stimulates remyelinating cells

• Potential major advance in MS

• Preclinical data in four different animal models of MS

– Remyelination, reduction of lesion load, behavioral improvement

• Phase 1 data in early 2015

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Cimaglermin (GGF2)

• Natural growth factor

• Therapeutic potential in cardiac and neurological repair

• Fast Track designation from FDA

• Phase 1 study in heart failure completed

• Second Phase 1 study ongoing

• Data expected in 2H 2015

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Change in EF Following Single Dose of

Cimaglermin or Placebo

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CVT-427: Inhaled Triptan for Acute Migraine

• Rapid onset within minutes, comparable to subcutaneous delivery

• Need for rapid pain relief

• Avoids GI route; suitable for patients with gastroparesis and nausea

• Easy to use

• Anticipate initiating Phase 1 clinical program in 2015

2015 Guidance and Corporate Goals

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2015 Financial Guidance

• AMPYRA U.S. net sales: $405-420 million

• Other revenue: ~$25 million

• R&D: $150-$160 million

• SG&A: $180-$190 million

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2015 Goals

• Continued enrollment in Phase 3 programs for Parkinson’s disease and chronic PSWD

• Phase 1 safety and tolerability data from rHIgM22 in multiple sclerosis

• Phase 1 safety and tolerability data from cimaglermin in patients with heart failure

• Agreement with FDA on Plumiaz

• Initiation of Phase 1 trial of CVT-427 for migraine

• Continued focus on business development

Acorda Corporate Update JPMorgan Healthcare Conference January 12, 2015